Banking

The interest rate spread between new deposits and loans remained almost unchanged at 5.71% in October as the weighted average interest rate on new deposits increased to 0.46%, while the corresponding rate on new loans remained almost unchanged at 6.17%, the Bank of Greece said on Monday.

Mortgage interest rates in Cyprus climbed to 4.91% in October 2023, according to data released by the Central Bank of Cyprus (CBC) in its November 2023 edition of Monetary and Financial Statistics. Concurrently, household fixed-term deposits with a one-year maturity dropped to 1.58% compared to the previous month.

The sharp and large increase in the European Central Bank interest rates is developing into a strategic advantage for the Greek holiday home market: It has made potential buyers focus on markets such as Greece, where it is still possible to acquire a holiday home without needing a bank loan.

Türkiye's Central Bank has announced that it will organize "Investor Days" starting from January next year.

The first Investor Day will be held on Jan. 11, 2024, in New York, according to the bank's statement issued on Nov. 13.

BELGRADE - The National Bank of Serbia (NBS) Executive Board decided on Thursday to keep the key policy rate on hold at 6.50 pct.

The rates on deposit (5.25 pct) and lending facilities (7.75 pct) also remained unchanged, the NBS said in a statement.

National Bank, Greece's second-largest lender by market value, on Tuesday reported higher net earnings in the first nine months of 2023 compared with the same period a year ago as net interest income rose.

NBG, 40% owned by the country's HFSF bank rescue fund, said net earnings reached 791 million euros from €680 million in the first nine months of 2022.

Türkiye's Central Bank has announced additional steps under its plan to continue to simplify and improve the existing micro- and macroprudential framework.

The bank on Oct. 26 delivered a 500 basis points hike in its policy rate, the one-week repo auction rate, from 30 percent to 35 percent. The rate hike, which was the fifth time in a row, was in line with economists' expectations.

The digital euro is "cash" that is stored and used for payments on a smartphone, as opposed to using a credit card, bank transfer, or paper and coins. The European Central Bank (ECB) hopes to introduce the digital euro in 2026.

Rising interest rates have put loan takers, from consumers to governments, in a bind, with many having taken out loans at interbank rates in the red, as they were for eight successive years in the EU.

Successive rounds of rate increases by central banks have unavoidably affected commercial loan rates.

The online platform where businesses can apply for loans with subsidized interest has opened.

On the platform, called "Know Your Customer," interested businesses can apply for loans ranging from €10,000 to €1.5 million from the Business Liquidity Fund, which was reactivated by the Hellenic Development Bank.